FIRST BANK NAMES A NEW EXECUTIVE DIRECTOR AFTER DEPUTY MD RETIRES.

First Bank of Nigeria Limited, the country’s oldest institution, has announced the resignation of Deputy Managing Director Gbenga Shobo, effective as of February 27.

The retirement occurs before Mr. Shobo reaches the obligatory retirement age of 60, according to the statement.

The decision was made “in accordance with a recent Central Bank of Nigeria (CBN) direction on Tenure of Directors, via a Circular dated February 24, 2023, to Deposit Money Banks (DMB),” it was further said.

The parent business, FBN Holdings, stated in a regulatory filing on Monday that Mr. Shobo has served on the board of Nigeria’s oldest lender since 2012.

He formerly served as chair of the underwriting division of FBN General Insurance as well as general manager for corporate/commercial banking at the lender’s subsidiary firm FBN Merchant Bank.

Oluseyi Oyefeso has been appointed executive director of the bank’s Retail Banking South Directorate, according to a statement made by FBN Holdings in another part of the document.

Mr. Oyefeso held the positions of group executive for the Commercial and Retail Banking South Division and group executive for the Commercial and Retail Banking Lagos & West Division at various points in recent history.

After joining the company in 2006, Mr. Oyefeso accepted the job of branch manager at one of First Bank’s three principal locations. He has held a variety of positions in the past, including group head, business development manager, and country managing director FBN Bank Ghana Limited.

Seyi began his banking career in January 1993 as a seasoned banker and chartered accountant. Since then, he has amassed considerable knowledge in retail, corporate, and commercial banking, credit risk management (analysis & administration), and financial control, according to FBN Holdings.

Mr. Oyefeso, a fellow of the Institute of Chartered Accountant of Nigeria and a member of the Chartered Institute of Taxation of Nigeria, received his accounting training.

“At 4 am on Wednesday, Igwe Mbaukwu called me with the disappointing news that Tinubu had been named the election’s victor by INEC. I’m curious as to why Tinubu was pronounced the winner at such an odd hour of the night and why INEC was pressed for time when it came to distributing his Certificate of Return in the late afternoon of the day they did so.

Because the incorrect person was declared the winner, there have been no celebrations, no dancing, and no gunfire, which is apparent since INEC robbed the actual winner of his triumph.

Not what we wanted the market to buy for us was actually purchased.